Muggle Studies 101: NFTs Explained

INTERIOR SCENE. Hogwarts. Daytime. Muggle Studies classroom.

20 Hogwarts college students take their seats and open their books. Professor Burbage is standing in entrance of a blackboard that shows the letters “N,” “F,” and “T.” She seems to be apprehensive.

Professor Burbage: All proper, calm down class. At this time we’re going to find out about NFTs.

Befuddled murmurs sound from the seated college students.

Professor Burbage: Confused? Sure, that’s to be anticipated. Please flip to web page 59, the part titled “World Wide Web.” Now, if you happen to keep in mind our final unit on digital magic, you’ll recall that Muggles use square-shaped bins, or computer systems as they name them, to summon data, nonetheless portraits, transferring portraits, and different media.

Birtwistle: (whispering) Yeah, like porn!

Professor Burbage: That’s sufficient, Miss Birtwistle. NFTs, or as they’re formally recognized, non-fungible tokens, is a topic that’s taking the Muggle world by storm. Do not forget that Muggle forex may be tangible or digital? Nicely, an NFT is a type of digital asset that’s distinctive and is purchased and offered on-line utilizing cryptocurrency.

Cantley: So NFTs will not be a product, then?

Professor Burbage: Sure, Miss Cantley, they’re a product. An NFT may be any type of digital artwork, equivalent to music, drawings, and even memes. For instance, take this picture from the witch artist Madam Sehgal.

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